Pelican Point Real Estate Market Report - First Quarter 2010

The data used in this report were extracted from the Greater Baton Rouge Association of Realtors MLS database. The data are presumed accurate but are not warranted.

The average selling price in Pelican Point in the re-sale market segment saw a substantial increase during the first quarter of 2010. Only a single newly built home sold during the first quarter so no conclusions can be drawn vis a vis any trend in the new construction market segment.

The following chart shows the distribution of the selling price per square foot of living area since January of 2004. There has, perhaps, been a minor decline after it peaked in the years immediately following hurricane Katrina but has more or less been holding steady.

New construction sales have fallen way off. As indicated earlier, a single newly constructed home has sold so far in 2010. The resale market segment, however, has shown tremendous growth as the next chart indicates.

The next chart illustrates that, for the first quarter of 2010, the absorption rate for previously owned homes in Pelican Point has rebounded to a level not seen since hurricane Katrina.

That’s the good news… The bad news is that there are still more homes for sale than can be absorbed even at the higher absorption rates. More than a third of existing inventory is in the over $400K price range. At an absorption rate of only 0.7 homes per month, there is a sixteen and a half month supply placing this price range clearly in the Buyer’s Market category.

The next chart shows the average selling price per square foot of living area for previously owned homes separated by the street. As 2010 wears on, these numbers will become more meaningful. A total of eleven homes sold during the first quarter which is insufficient to draw any street level conclusions for 2010 at this time.

As always, I appreciate hearing from readers and I welcome any comments or suggestions for improvement that you may offer.

Ascension Parish Real Estate Market Report 2010Q1

The data used in this report were extracted from the Greater Baton Rouge Association of Realtors MLS database. The data are presumed accurate but are not warranted and represent detached single family home sales.

Unit of detached single family homes in Ascension parish were up about 24% in March of 2010 when compared to sales in March of 2009. Both the new construction and the re-sale market segments showed growth.

First quarter sales, likewise, show growth in 2010 when compared with 2009. In the re-sale market segment first quarter unit sales in 2010 are similar to those of 2007 and 2008.

The average selling price per square foot of living area is down marginally in both market segments for 2010 as the next chart demonstrates.

The following chart indicates that the decline may have bottomed out. In fact, there are some indications of improvement but it is too early to say for sure. We’ll continue to monitor this closely.

As always, I appreciate hearing from readers and I welcome any comments or suggestions for improvement that you may offer.